Net Profit Podcast Featuring Mark Khazanovich
Originally published by Net Profit Podcast – see original article here.
Mark Khazanovich is Director of Operations at KORE Accounting Solutions, a future-focused bookkeeping and management accounting firm that helps cloud-based law firms stay compliant and run more profitable practices.
As Clio Gold Certified Consultants, QuickBooks Online Elite ProAdvisors, and legal accounting experts, Mark and the KORE team use their experience to help small, tech-forward law firms build systems that support efficient and successful operations.
Takeaways
- Law firms can significantly reduce unpaid invoices by sending electronic bills immediately after engagements and offering easy payment options like credit cards and QR codes.
- Clio (for practice management) and QuickBooks Online (for accounting) are the most effective software combo for small cloud-based law firms to avoid duplication and maximize efficiency.
- Tracking expenses and time as they happen — especially using cloud tools and mobile apps — greatly increases the likelihood of cost recovery and accurate billing.
- Firms should maintain at least three months of runway in savings and reevaluate expenses regularly, including discretionary costs and underutilized marketing spend, to stay financially healthy.
Mark Khazanovich is Director of Operations for KORE Accounting Solutions, a future-focused management accounting firm specializing in providing legal professionals and business owners with the data and insights they need to stay compliant and run more profitable businesses.